Question: 7. Ch8 to Ch11 Exercise 10-14 (Static) Nonmonetary exchange (LO10-6] Cedric Company recently traded in an older model of equipment for a new model. The

7. Ch8 to Ch11 Exercise 10-14 (Static) Nonmonetary exchange (LO10-6] Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $180,000 (original cost of $400,000 less $220,000 in accumulated depreciation) and its fair value was $200,000 Cedric paid $60,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits Transaction General Journal Debit Credit

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